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BBGI Global Infrastructure (BBGI) investor relations material
BBGI Global Infrastructure H2 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Board recommended an all-cash offer by BCI at 147.5p per share, reduced to 143.3p after a 4.2p dividend, representing a 21.1% premium to the prior closing price and 3.4% premium to NAV as of 31 Dec 2024.
Persistent discount to NAV and limited access to equity capital markets have constrained new acquisitions and portfolio growth.
Portfolio consists of 56 globally diversified, operational, availability-style infrastructure assets with a weighted average remaining life of 22.2 years and 99.9% asset availability.
Focus on social infrastructure, ESG integration, and stable, inflation-linked cash flows.
FY 2024 dividend increased 6% to 8.4p per share, with a 2% target increase to 8.57p for 2025; cash dividend cover at 1.37x.
Financial highlights
NAV per share at 31 Dec 2024: 142.7p (down from 147.8p in 2023); FY 2024 NAV total return: +2.1% (vs. +3.8% in 2023).
FY 2024 profit: £26.2m (2023: £40.3m); basic EPS 3.7p (2023: 5.6p).
Net cash position: £27.4m; no drawings under the revolving credit facility (RCF).
Ongoing charges: 0.92% (2023: 0.93%); annualised NAV total return since IPO: 8.1%.
Portfolio value at 31 Dec 2024: £992.5m (down from £1,047.1m in 2023).
Outlook and guidance
Infrastructure investment outlook remains attractive, driven by digitalisation, decarbonisation, demographics, and renewal of ageing assets.
Capital access constraints and macroeconomic headwinds continue to limit acquisition opportunities and accelerate portfolio life decline.
Dividend target for 2025 set at 8.57p per share; progressive dividend policy with twice-yearly payments.
If BCI offer is accepted, delisting from LSE will occur; otherwise, focus remains on disciplined capital allocation and accretive growth.
- TimeTickerHeadlineOpen
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